Authorized users are usually not responsible for debt incurred by the use of a credit card. However, some card issuers have begun to require an authorized user to sign an agreement similar to those of a the traditional cosigner. Such stipulations contained in the contract of the primary card holder can result in any user being subjected to repayment of those charges he or she makes on the account.
Before entering into such an agreement the authorized user should make themselves aware of all the conditions pertaining to the use of the account.
The name of the person embossed on the credit/debit card
It depends. If the additional cardholder is designated ONLY as an authorized user, that is - that person's credit history was not used together with the decedent's credit history for the original credit line - then no, because the credit line is linked only to one social security number. If the additional cardholder applied as a co-applicant (not added as an authorized user) with the decedent for the original credit line - then more than likely, yes. Individual state laws take precedence. Ask for an original copy of the contract from the creditor to be sure.
All debts and assets of a deceased person are handled in accordance with the probate laws of the state where the deceased resided. Only the account holder is responsible for credit card debt, unless the person was married and lived in a community property state, in which case the surviving spouse is usually deemed responsible for such a debt. In some community property states such as Wisconsin the law varies as to the surviving spouse's responsibility.
In Florida, the executor or personal representative of the deceased's estate is responsible for notifying credit card companies of the cardholder's death. The estate is generally responsible for paying off any outstanding credit card debt using the deceased person's assets. Family members are not typically personally liable for the deceased person's credit card debt.
Only if the person were a joint account holder. The account holder is the only person responsible for the debt (exception for married couples in community property states). However, if the parties own joint property, it is possible for a lien to be placed against the debtors share of that property.
ONLY the card-holder can legitimately access that information. A person's credit limit is nobody-else's business !
The estate is responsible for the debt. They will have to pay it off before closing the estate. They have the ability to try and get the money/goods back from the person that spent it.
A co-signor is a person who signs a loan or credit agreement alongside the primary borrower, agreeing to be equally responsible for repaying the debt. If the primary borrower fails to make payments, the co-signor is legally obligated to do so. Co-signors are often required when the primary borrower has a limited credit history or low credit score.
The estate is responsible for the decedent's credit card debt.
As long as you are on the mortgage it will show on your credit report and effect you credit no matter if you are the primary, secondary or co-signer
the person
The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.